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, with the deficit cut by 25% and interest rates at historic lows, does my right honorable friend not agree with me that the opposition plan b for more debt would jeopardize all those achievements? [cheers and applause] >> my honorable friend is entirely right. we are making progress. of course it is tough when there are so many economic headwinds against us, but a million more private sector jobs, a record number of businesses starting up last year, we're on the quite clear, plan b stands for bankruptcy, that's what labour would give us. >> last but not least,up -- ann pruitt. >> a universal health care is what the overwhelming majority of parish people want, something which i remain firmly committed to. however, there are claims about nurses who fail to show care and compassion to their patients. what exactly will the prime minister do about that? >> the honorable lady speaks for the whole house and the whole country in raising this issue, and i know how pain. it must have been -- painful it must have been with what he's witnessed with her or own family. i am, as she is, an enormous fan of the po
rates are about raising money, not punishing success. in terms of the deficit, we have cut the budget deficit by 25%, will be getting an update on progress from the chancellor in a minute but let me ask this. how can you deal with the borrowing program by pledging to borrow more? >> let's just be clear, mr. speaker, about his answer on 60 p. the answer, the answer to the problem, the answer to the problem of tax avoidance is to give the people doing a tax cut. give them a big giveaway. the reality, the reality is, the reality the prime minister couldn't get away from, the deficit is going up, not down, on his watch. we all remember the posters which is airbrushed, i will cut the deficit, not the nhs. the facts speak for themselves. he cut the nhs and is not cutting the deficit. >> we are increasing spending on the nhs and we are cutting the deficit. we have cut the deficit by 25%. there are a million more private sector jobs. businesses are starting at higher rate than any time in our history. this economy is on the right track. we are equipping britain for the global race and on like
. and then this party that paraded around as the big deficit hawks, the guys that wanted to control spending, the only cuts they put on the table is playing at margins, increasing retirement age from 65 to 67 and adjusting rates for social security. this hasn't presented itself as a party that wants to cut spending. on one hand you have president obama's proposal, which most agree is the responsible way of raising the debt, raising rates. and responsible cuts on entitlements and discretionary spending versus republicans who are divided against something that is a chicken hawk when it comes to the deficits, that is the boehner approach, or the more extremist position which is absolutely nothing.ç so this is an extraordinary position for the republican party to have evolved into. >> you must respond to what julian just said. >> i like julian an awful lot but i think what he said is entirely wrong. it's fascinating president obama last july, july of 2011, said we can get $1.2 trillion in revenue where we don't have to raise marginal tax rates and close loopholes and julian says most economists agree, i
the president called his deficit reduction commission to give the president and -- an idea what we could do to get our fiscal house in order. i want to show in you this chart, mr. speaker, it's the chronic deficits we have had in this country, goes back to 1970. all this red ink represents the inflation adjusted, 2012 dollars, comparing apples to apples across this chart, the deficit that is we have had in this country, and you see going back to 197 o 0, mr. speaker, which happens to be the year of my birth, we have run a deficit every single year from 199 . you remember 1998 we had newt gingrich leading the first republican u.s. house of representatives in modern times. bill clinton in the white house. they came together to solve some big problems. welfare reform, health insurance reform. folks forget about health insurance reform. we did away with pre-existing conditions. did away with all of the impediments in the large group markets, what they call the plans, had great success in that area, and finally got back into some positive territory. to be truthful, this assumes that all the fede
to the labour party. they want to be in government and they claim they want to cut the deficit. what would they cut? what would they cut? if they object to the local government settlement and the object to the defense settlement and the objective the nhs budget and the object to the education budget, even though nhs schools are going up, and what exactly would they do? the problem is as was evident from the shadow chancellor's response, they didn't have anything to say on these matters but if they had a credible deficit plan then we would listen to the questions they ask us about the priorities of those plans. >> john stephenson. >> this cools and colleges of 270 million are extremely welcome. schools and colleges such as those in my constituency plans on the runway ready to take off, just in a little additional financial support. will the chancellor help those colleges and schools? >> i'm very happy to look personally at the case my honorable friend makes for his local education facility. these are of course other government departments but we have provided the money for education, for ne
of this deficit problem that we have. we're going to need more revenues. in order to do that, that starts with higher rates for the folks at the top. >> reporter: the president did say today he would consider lowering rates again for the top two percent next year as part of a broader tax overhaul. the house republican plan envisions $2.2 trillion in deficit reductions over the next decade. $800 billion would come from new revenues but with no hike in tax rates for top earners. instead the plan reles on .2 trillion in reduced spending including $600 billion from changes in medicare and medicaid. at the white house today, the president met with a bipartisan group of governors pressing his own plan for deficit reduction. that proposal, $1.6 trillion in revenue from tax increases on the wealthy and $600 billion in spending cuts mostly from reductions in medicare. he also wants authority to raise the debt ceiling without congressional intervention. but governors emerged afterwards treading a line between the two sides. delaware governor jack markel, a democrat, is chairman of the national gove
the incentives. we do so much money that you can reduce the deficit significantly, lower the rate, still have the group you are asking to pay more, pay more if you're willing to broaden the base. the point i would make is that as difficult as it is, we should use this opportunity to think about what a most sensible tax system is, and one of the pieces we have made progress on, which will have real revenues as a budget deal, and that along with spending and economists is critically important. no matter how we raise or how much we raise the revenues, a small or big enough, we should strive to raise that in the most efficient way possible, and that is including tax reform as part of this overall deal is a critical part of growth. and shouldn't be lost in the mix. >> david, do you want to get in? >> i want to echo a number of the comments, because the way i describe it is if we had actually been trying to develop an incomprehensible, confusing, and globally uncompetitive system which could not have done -- system we could not have done a better job than what we got. there is a something to the pr
the deficit, create jobs. so we know we have to have growth. we know we have to make cuts. we know we have to have revenue. you can't get from here to there without it. so if you read closely what they have in their letter, even though it's bare bones, you have voucher rising of medicare, you have a return to the ryan budget, which priorities are not priorities that i think the american people share. >> rates, can there be a deal done with the rates not going up? >> no. i'm an appropriator for a long time in the congress. we used to have an expression. it's not the price. it's the money. this is not to be punitive on the people who make over $250,000. it's just to be fair to the entire country. you need that additional revenue in order to reduce the deficit and continue to make investments in growth. >> if speaker boehner says that, you know, we're not going to move on the rates, where are we? >> i hope that's just a bargaining position. but the fact is we have talked about it two step. do a down payment on cuts, on investments and on revenue this year and then in the next year, take the t
to reduce the deficit, 63% said no. 86% of the ads run for obama were personal attacks on romney. he won a stunning mandate to not be romney. he did not run on the basis he was going to do massive new spending and the kind of tax increases, $1.6 trillion that he's now talking about. and at the same time that obama was elected president, the republican house, which had twice voted for a real budget -- remember, the president's budget he claims he has a mandate for was put up before the house and the democrats all voted against it. in the senate, the democrats didn't want to have anything to do with it. it's a little hard to argue, he had a mandate for something the rest of his party ran away from. >> well -- >> did not run ads on those issues. >> and, of course, it was a bit more complicated than that. but to your point about the exit polls, it's true, most people said that they didn't want tax increases to solve the deficit. what they said -- the majority, was they wanted both balanced. they wanted cuts and tax increases. which is what both john boehner and the president -- in very strid
in the deficit. at the end of the day the whole thing is about -- it's optical illusions and face saving for republicans. whether it's the notion they may not vote yes but just present, which is complete smoke and mirrors or the fundamental argument which is closingç loopholes is not a tax increase. of course it is. at the core this is about asking americans to pay more americans to the federal government. this is just -- it's -- bill clinton called it kabuki theater. it's a way for republicans not to be ashameded and walk back the ideological core they've run on for the past few years. >> if president obama is able to come out and say i'm going to support getting rid of tax ducks for charitable organizations, hospitals, universities, religious organizations, i want to get rid of that tax deduction f he puts his finger -- his hand anywhere near that decision, he's a quloon tugoing to be a l every hospital, church, philanthropic in the united states, from the rockefeller down to the littlist catholic charity will fight that. they need those tax cuts to survive. it's a loony toon idea. i
. it is also the excesses. look at the road we are on. a trillion dollar deficit every year. a debt crisis on the horizon. debt on this scale is destructive on so many ways. one of them is that it draws resources away from private charity. even worse is the prospect of a debt crisis, which will, unless we do something very soon. when government finances collapsed, it is the most vulnerable who are the victims, which we are seeing in europe. many feel they have nowhere to turn. we must never let that happen here. and election has come and gone. the people have made their choice. policy-makers still have a duty to choose between ideas that work and those that do not. when one economic policy after another has failed our working families, it is no answer to expressed compassion for them or create government programs that offer promise but do not create reforms. we must come together to advance new strategies for the the people out of poverty. let's go with what works. looking around this room at the men and women who are carrying legacy, i know we are answering the call. this cause is right.
to create jobs, to reduce the deficit, and again have fairness. this is the heart of the 3459er -- matter that is holding us here. as the public watches what is this about? this is about the $250,000 line that the president said in the campaign that he would honor and that that legislation today brings to bear. i urge my colleagues out of 435 members of the house, we only need a couple dozen republicans to sign the discharge petition. each one of them holds the key to a $2,000 tax cut for the middle class. either sign the petition, urge the speaker to bring the bill to the floor, or explain to your constituents why you do not want them to have this $2,000 tax break if they are -- for 100% of the american people. please sign the discharge petition. let's get this done this week. we could bring this bill up under unanimous consent. the message would be clear to the american people. we heard you in the campaign. be fair. do something that works. work togetha >> today, the house democratic caucus chairman charge republicans to protect the middle class from a tax increase. they spoke to report
in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we see and hear about the fact this two-step plan getting something done for the middle class by the end of the year, does this set up the scenario we live in a perpetual state of fiscal cliff loopness, this is the same old dog and pony show every six months to a year fighting over the same things and not big, bold leadership? >> i hope not, certainly if it's not left up to president obama and congressional democrats. president obama proposed $4 trillion in deficit reduction, he has a balanced approach to take care of the middle class and that they have the certainty that they need that we make spending cuts that are significant, that make sense, and
city government right now. over each of the years i have served, we have had to balance budget deficits that were around $500 million. this year, we're facing another budget deficit of almost $400 million. fortunately in recent years, we have had some ability to do some one-time budgeting tricks that allow us to balance the budget that do not exist this year. in past years, we've received federal stimulus money. we received more monies from the state government. last year our labor unions decided to contribute a quarter of a billion dollars to help balance last year's and this year's budget. those are things we do not have the ability to avail ourselves of us we balance the upcoming budget in a few months. we are faced with far fewer options. i think we are going to have to continue to look at very deep and difficult cuts. our priorities have to be insuring and protecting the most basic city services and helping to ensure that we have services to the most vulnerable during this great recession. >> what about the city's housing needs? what should the board due to address those needs? >>
the budget deficit, and real focus that we appreciate in northern california on clean energy. for example, moving the state's goal to be 33% clean energy producing. it is my privilege to welcome governor brown to the panel. [applause] >> and to introduce our next panelist, i would like to welcome steve ballmer, senior bp -- vp. >> good morning and thank you. next up is governor hickel lipper -- hickenlooper. he is the serieaal a entreprener each of you have in your respective parts. he became very successful in the brew pub business. he never had a single election not even for stink -- a student council. governor? [applause] in keeping with the discussion, he is keen on innovation and things of that nature. i know that will come out. thank you, governor. >> are we all set? i am from the "mercury news," and we're here because we live in a global cloueconomy. it has altered local economies because so many manufacturing and technology jobs are moving, whether it is a matter of costs for going where the trained work force is. we're fortunate to have to governors here to talk about how that ch
talked about during the campaign, which is a balanced, responsible approach to deficit reduction that can help give businesses certainty and make sure that the country grows. and unfortunately, the speaker's proposal right now is still out of balance. >> sometimes you hear a sound byte and it sounds like the normal talking points of the campaign that you always here, you're always hearing politicians saying the same thing. but listen again to that last thing that the president said there. >> unfortunately the speaker's proposal right now is still out of balance. >> speaker's proposal is out of balance. empirical statement, sort of. there's a way to judge whether or not that statement is true. what's happening in washington is both sides, republicans and democrats, are making offers and counteroffers about how to deal with the fiscal mess that they created. this artificial debt line that washington created. the white house made its offer to republicans last week. they sent timothy geithner up to capitol hill to unveil the administration's offer to congressional republicans. the offer was e
a proposal. his proposal fails every test. let's not forget, the deficit isn't the biggest problem. it's the lack of demand and equity in our distribution of income, two little data points we shouldn't forget. 93% of the in jump added in the 2010 went to the top 1% and wages are the lowest they've ever been. it's simply not fair. for ideas to solve the problems and the deficit at the same time, bob rob an and larry summers suggested some away raise capital gains taxes. lets stop giving capital preferences over earned income. it's only fair and right. it won't solve the problem but will go a long way. back to john boehner. he doesn't say anything about this, because he refuses to raise rates. it can only be because he refuses to see the real problem. joining me now congressman thank you for joining us as always. >> thank you. am i right about the boehner proposal and what the underlying problems are. >> you are. also it's also true with the boehner proposal is it's not specific. he makes the general claim that will put $800 billion of revenuen oh the table but doesn't say from where. he
't raise enough taxes to completely deal with the deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make additional cuts. i do want to remind you though, that we have already voted on one trillion dollars of cuts, cuts that would cause great pain. i agree what you 100%. it can not be done. melissa: spending cutting numbers are even smaller than the tax numbers. they don't get us there either. i'm worried about stalling the economy. in the meantime when we talk about raising taxes and what it would do to small business. democrats like to point out we would only raise taxes on 3% of small business owners. >> right. melissa: but that 3% generates 50% of the income from small business. so they're hiring the majority of people. to me that is going to cost us jobs. >> well, you know what? i think that what will cost us jobs for sure is if we go off thissfiscal cliff, because it is not just about raising tacks. it is also about the debt ceiling. it is about unemployment insurance. we have number of key issues that absolutely have to be resolv
discussed for more than a year and a half on the campaign trail, $4 trillion of balanced deficit reduction. weight not a real proposal what is john boehner sent to the white house which actually lowered rates for those at the top but asked the middle class to bear the entire burden of deficit reduction. that's not what the american people voted for. i mean if you look at even cnn's exit polls all over this country, upwards of 60, 65% of people voted for balanced deficit reduction, which means asking those at the top to pay their fair share. more people voted for that, the idea of that, then they voted for the president. so we need to look to the american people and look what they want on how to reduce the deficit. we have to do it in a balanced way and fair way. >> but if you look at polling and i know you don't always just go on polling, right, but polling is also -- you ask people what should be cut, 79% say don't cut medicare at all and i think that lots of things, democrats and republicans have said, that is on the table too. you don't always necessarily follow the polls when you liste
buffett and all his pals, it will pay off obama's 2011 deficit in the year 2520 circumstance, in 514 years time, and then we'll need the next half millenium to pay off his 2012 deficit. >> i think the republicans were sent there with a mandate as well as president. obviously the american people voted for the status quo. they voted for divided government. here's the question i have. i would no want them to think os and grand hides and the slem hammer we're robbing them with. if obama wants to take the country off the fiscal cliff, they need to go there. they seem afraid of that. do you see that. >> it's clear from the election that the majority of americans essentially voted for european levels of spending. you can't have european levels of spending. we're one percent under canada. there's no difference any more, not in terms of government spending. we're close to norway. we're not quite to sweden yet, but we basically are spending like europeans, but we're not taxed like that. the idea that you can close that gap, i think he figured out if he can make this level of spending permanent, he c
in the campaign, which is a balanced, responsible approach to deficit reduction that can help give businesses certainty and make sure the country grows. >> tom: the president rejected the proposal republicans presented him yesterday. it would cut the debt by $2.2 trillion over ten years, but would not raise taxes on america's highest earners, the biggest sticking point. the two sides seem to be allowing themselves room to bargain. the president said today he'd be open to lowering tax rates for high earners later next year as part of a broad tax reform package. and senate republican leader mitch mcconnell did not directly endorse the g.o.p. plan. for now, house speaker boehner put the ball in the president's court, releasing a statement: "the president now has an obligation to respond with a proposal that can pass both chambers of congress." >> susie: we turn tonight to other opinions on the fiscal cliff impasse. we talk with the chairman of the national governor's association, and we also hear from a leading advocate for responsible fiscal policy. we begin with governor jack markell, the demo
benefits. moving to a more accurate inflation measure called the "chained c.p.i." would cut the deficit by $200 billion over ten years. supporters say the change wouldn't cut benefits. >> if we're making the change to reflect what is the real cost of living, as opposed to a different one, then you are not reducing them; you're just truing up what you should be getting. not something that-- i hate to use the term-- that might be inflated beyond what it should have been. >> reporter: this so-called technical fix will shave a quarter of a percentage point off social security's annual cost of living increase, and that difference adds up over time. some worry that will hurt the very old. >> it cuts real benefits. if somebody is getting fewer dollars in their check, that's real to them. and for people who are sliding progressively farther behind prevailing living standards, which is true of those out of the labor force for a very long time, it's about as real as it gets. >> reporter: but the change to a chained c.p.i. is easy to do, and that means it could be packaged into a deficit agreement
to meet his target of eradicating the federal deficit by 2015 as well as securing a fall to gdp ratio. also expected further pressure with a cut to its growth forecast. steve is braving rather inclement british winter weather outside the houses of parliament. >> lovely. >> i know you like it. how much is it going to be raining on george osbourne's parade? >> it's going to rain on his parade. you just nailed it, ross. three things which are going to come up today, which he has very little control over. one is that obr reckoning on the uk economy. thought only back in march it was going to grow -- pain a negative growth for the year. next year they thought it was going to be 2% growth. it's probably only going to be 1%. in terms of those two targets you mentioned, eradicating the structural deficit in a five-year period, that's going to have another couple of years. >> right. now, there we go. you can see jim there in egypt. i wonder whether we should just go as we've decided to cut to him or maybe we can bring steve back. right. we'll try and reestablish steve. we will be going to jim
to reduce the deficit. jenna: interesting the president is saying he was speaking off the you have cuff, no teleprompter there. he's speaking about how he's rooting on american business. pointed to a couple of aspects much the economy, improvement in consumer confidence and housing as well. he was going to talk a little bit about the fiscal cliff and that's something we've all been talking about recently, and what it means for us right now and the year ahead. we also have other business news. we'll get back to the president by the way if and when we get that feedback. he will be taking questions from the audience there of business leaders as gregg mentioned. elizabeth mcdonald ever the fox business network is standing by list toning some of what the president had to say about the economy. liz, can you place it in context about where our economy is right now. >> reporter: the president just now was placing it in the -- the economy in the broader context of what is going on in the world, mentioning asia, mentioning europe, and then he turned to what was the most important part of the spee
deficit and debt. so this, this legislation both accomplishes that goal and still provides an increase in diversity which is what the senator from new york was talking about. and then an additional point is the point that the senator from texas so very clearly made. this legislation passed the house. last time i checked, legislation has to pass the senate and the house. that's a pretty important distinction. going back to the comments of the senator from kentucky. he said hey, if we can't do it all at once because of disagreements, let's start getting done what we can get done. so here is a bill that provides us with -- with people who can help our economy grow, people in the sciences and technology fields that we very much need. it will increase diversity just as the senator from new york said, and it's passed the house. common sense says let's go. let's pass the bill. so we very much want to join with the senator from new york and the senator from delaware and the other sponsors that he referred to, but let's join on something that can actually get done, meaning a bill that passes th
the deficit and restructure fiscal policy. so as eventually to bring the budget into balance. this framework must include tax reforms to raise more revenue, encourage growth and enhance progressivity. it must include parameters defining future levels of debt as a share of the gdp. and a date by which the budget will balance. and it must include changes to discretionary spending, entitlements as well as defense. our elected leaders should launch an expedited process to enact legislation that will construct this framework many 2013 -- in 2013, including powerful but appropriate default and enforcement mechanisms. without a recalibrated, sustainable fiscal policy, the united states' international standing will decline, and its national security will be undermined. such an outcome would be bad for the united states and, in our view, bad for the world. as pete said, he and i are joined here today with three, by three distinguished individuals. er is slams of america for -- servants of america for decades who made a difference, who had to come up with tough solutions to very complex problems. and
reagan on what social security and medicare have nothing to do with the deficit? have you heard that clip? >> bill: no. i know that's the truth but i haven't heard that clip from ronald reagan. try to find it, dan. yeah. he said it in his day. it was true then. it is true today. >> that's right. he says even if you pull that money, if you took money from them, it wouldn't go to reduce the deficit. so if you can get that clip, i think he was running against bob dole or somebody. i forget who it was. >> in the primary is. >> yeah. we will try to find it. i am interested in that. >> that's the thing with the republicans today even though social security has may nottedy of money if we would stop stealing from it. it's not going to expire anyhow. i mean run out of money until it rungs short of money until something like 2035 and even then, it would pay most of the benefits. it's a non-issue of dealing with the debt crisis. but republicans hate social security. they've always wanted to abolish it ever since the days of franklin roosevelt and they are t
that if we go over the cliff the deficit goes up. >> and the debt goes up. >> and the debt goes up. >> wrong. >> like our relationship people don't get it. >> deficit almost goes away. difference is about $8 trillion. >> about 10.5. >> join us tomorrow. right now it's time for "squawk on the street." >>> good wednesday morning. welcome to "squawk on the street." live at the nyse. what a morning shaping up here. a little data to look at. m&a. the president speaks to the business roundtable in a couple of hours. futures with modest gains. europe holding onto gains and china up nearly 3% over night as shanghai catches a break. our road map begins with a $20 billion deal. freeport mcmoran getting into the energy business making two acquisitions. plains exploration and mcmoran exploration. >>> concerns over the u.s. economy as adp misses estimates. the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in
executives today in washington. he talked about negotiations with congressional republicans on deficit reduction and the so-called fiscal cliff. >> the holdup right now is that speaker boehner took a position -- i think the day after the campaign -- that said we're willing to bring in revenue, but we aren't willing to increase rates. and i just explained to you why we don't think that works. we're not trying to -- we're not insisting on rates just out of spite or any kind of partisan bickering. but rather because we need to raise a certain amount of revenue. now we have seen some movement over the last several days among some republicans. i think there's a recognition that maybe they can accept some rate increases as long as it's combined with serious entitlement reform and additional spending cuts. and if we can get the leadership on the republican side to take that framework, to acknowledge that reality. then the numbers actually aren't that far apart. another way of putting this is, we can probably solve this in about a week. it's not that tough. but we need that breakthrough that s
deal with the deficit? that's not coming from the markets. the bond market is saying here's the money you want and we're kind of creating these things out of nowhere to force us to deal with the long-term deficit problem but the short term markets aren't doing it. >> neil, talk about these markets you speak of. i want to play a clip of maria the other day. >> the markets right now are expecting a deal. the markets have been trading fine. if we don't gate deal, we are going to see a sizable decline in stocks. we are going to get a big disappointment. >> markets will be disappointed. the markets have expectations. who is this mr. markets that is endowed with the personality anç expectations and is this monolithic creature that will respond to, you know, what's going on in washington? are we giving the markets a little bit too much personality here? >> well, yeah. i mean, obviously the market is millions of people and institutions all over the world deciding whether to buy stocks or bonds or whatever but more broadly, you know, it is true that markets aren't, you know, they're not alway
the president will do in terms of cuts. where are concerned about the deficit. i believe we will get there. i really do. >> you are a perennial optimist. you make everything seem sunny. we are at a stalemate. republicans do not want to raise taxes and democrats to know what to -- do not want to cut spending. >> the president has the political upper hand. if nothing happens, the tax rates do expire as is and they go up and the sequestration of takes place. he can vote -- publicly blame that on republicans to. he would have the upper hand. policy-wise east as -- he has to combat and ask for an increase in the debt ceiling. he knows that if he sours the atmosphere right now that it would be difficult for him to get an increase in the debt ceiling in a couple of months. i believe this motivation for both of us to say let's cut out all the political posturing and make a deal. we realize as professionals will have to get it done. >> what are you opposed -- why opposed?you >> taxes have been 18% of gdp. they're down now because of a question of rates but because of the economy. >> in sharing the bur
will go from 4.2 percent to 6.2 percent. $115billion a year that will go to deficit reduction instead of being pumped into the economy. those in favor of allowing the tax cut to expire argue money for social security payments has to come from somewhere. although he says that somewhere will mean doing without some of the basics. >> it might be a pair of sneakers. it might be the jacket they want to go to school with in the winter. >> the debate in washington is not about the federal budget it's about his family's. jim axle rod cbs news west new york new jersey. >> where in the world is john macafy. why he high tailed it to a luxury resort to try and clear his name. >>> plans to build a little dog park turned into an epic fight in one bay area city. (car horn) paying with your smartphone instead of cash... (phone rings) that's a step forward. with chase quickpay, you can send money directly to anyone's checking account. i guess he's a kicker... again, again! oh, no you don't! take a step forward and chase what matters. fire. and in this case, bushels of pot, as well. a two-alarm house f
on the pension pops. >> i know these tax measures willthought to balance not be r. ways to reduce the deficit never are. but we must act together. when you look for savings, it is fair to local to the 1%. >> with multiple forecasts being downgraded, it has now become an issue about competence. they argue not only has the chancellor failed, but failed on his own terms. >> it has been completely derailed. the one test they set for themselves, balance the books and get the debt falling by 2015, that is now in tatters. >> after all, the facts and figures of the chancellor's statement -- after all of the facts and figures of the chancellor's statement, we are left with a feeling of malaise. >> you are watching bbc world news america. still to come, aero controversy at the hospital after the duchess of game birds -- the after information on the duchess of cambridge is released to two is jockeys. >> in bangkok, thousands of thais turned out to catch a glimpse of the mark on his 85th birthday in a rare public appearance prepare aero controvy at the hospital after the duchess of game birds -- the afte
willthought to balance not be r. ways to reduce the deficit never are. but we must act together. when you look for savings, it is fair to local to the 1%. >> with multiple forecasts being downgraded, it has now become an issue about competence. they argue not only has the chancellor failed, but failed on his own terms. >> it has been completely derailed. the one test they set for themselves, balance the books and get the debt falling by 2015, that is now in tatters. >> after all, the facts and figures of the chancellor's statement -- after all of the facts and figures of the chancellor's statement, we are left with a feeling of malaise. >> you are watching bbc world news america. still to come, aero controversy at the hospital after the duchess of game birds -- the after information on the duchess of cambridge is released to two is jockeys. >> in bangkok, thousands of thais turned out to catch a glimpse of the mark on his 85th birthday in a rare public appearance prepare aero controvy at the hospital after the duchess of game birds -- the after information on the duchess of cambridge -- appear
of deficit reduction over the next ten years. it includes $1.6 trillion in higher taxes on households making more than $250,000 a year. there's also $400 billion in cuts to entitlement programs. there's apls also some fresh new spending. $50 billion next year in stimulus spending, all for infrastructure. >> jon: ooh, green lettering. ooh! (laughter) johnny like you. all right, so we got a little tax cut hike here, a little entitlement trim there. basically telling the government it needs a mix of diet and exercise if i want f it wants to reduce its chances of succumbing to heart disease or swollen prostate -- christ, i just turned 50. (laughter) no, i'm sorry. basically this plan is around somewhat what obama said he was going to do about the budget while he was on the campaign trail. so i guess we can put that another way. >> the proposal that came forward yesterday really is a joke. >> i'm not surprised at my colleague, senator mcconnell laughed at that proposal. >> the president's plan does nothing but damn to us becoming greece. >> disappointing. >> disappointed. >> i'm really disappoint
, and adopting a balanced approach to deficit reduction. and so it goes. my first guest says it does not matter who you tax or what form revenue takes him, taking more money at the private sector will hurt economic growth. joining us now, republican senator from the great state of kentucky from the senator rand paul. good to have you with us, senator. >> good evening. the president says we don't have enough time for tax reform or in thailand reeorm. you know my responses? we have been talking about this for two years. why haven't we done anything? i met with the president a year-and-a-half ago and i looke@ across the table in. i said in a we need to do something about social security. we need to do something to save medicare. they have done zero. how come there is no committee appear. d'agata washington. who is in charge of social security reform? nobody. everybody waits for a deadline and throws up their hands and says we don't have enough time. it is broken up here, but because they're not doing their job. lou: not doing their job, and whose job is it a much the republicans to start making so
there. and what is missing is not only a deal, on long term deficit reduction. what smising is steps we can be taking now. >> if you own shares of oracle, next check will be bigger than usual. ora cell will pay next three dividends at once. the software giant joins a lift of companies moving dividends forward into the year to avoid a phone shall tax hike in january. and shares of pandora falling after the company says the loss will be wider than forecast. it wasn't all bad news, pan doora said sales rose 60% and profits rose 187%. stocks were little changed after the president held his ground about raising taxes to the highest income tern americans. your bloomberg silicon valley index closed qlor, apple, google and ebay dragging index down. disney and net flix reached an agreement giving subscribers first access to movies made by pixar, disney and marvel set to be released in to 16. this is the first time that a major studio bypassed traditional cable tv outlets. disney is the parent company of abc 7. at bloomberg studios in san francisco, i'm willow bay with bloomberg west. back to you
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